Aryzta quarterly revenues climb 16.5% to €1.37 billion

Swiss-based food group Aryzta has reported a 16.5 per cent rise in quarterly revenues to €1.37 billion for the three months to the end of April.

Buoyed by recent acquisitions and strong growth in Europe, food revenues at the company climbed to €859.8 million during the three-month period.

According to a trading update issued by the bakery business, European food revenues increased by 17.6 per cent to €387.5 million.

"Underlying revenue in the food business increased by 3.7 per cent in the quarter compared with the same period last year. Overall food revenue increased by 14.9 per cent despite adverse currency movements," chief executive Owen Killian said.

Aryzta operates a number of bakery brands, including Cuisine de France and Hiestand. Earlier this year Aryzta agreed to acquire 100 per cent of both Pineridge Bakery in Canada and Cloverhill Bakery in the US.

The combined consideration of these acquisitions was €730 million, “with further post-acquisition investments of €70 million anticipated to support a strong growth pipeline and integration” the group said.